US banks faced unauthorized access by AI agents: Report

Major US banks have detected unauthorized access to customer accounts by third-party AI agents, with some systems taking actions beyond users’ instructions, Axios reported Thursday, citing sources.

Banks including Morgan Stanley, Bank of America, JPMorgan Chase and Wells Fargo are working to contain the risks posed by AI agents, which can perform tasks on behalf of users, according to the report.

The growing use of such tools is creating security challenges for financial institutions struggling to distinguish between legitimate customers and automated systems accessing accounts with users’ login credentials.

Although customers may authorize AI assistants to access their accounts, such access can violate bank policies requiring account holders to log in themselves, the report said.

The issue has raised concerns among banking executives over the potential consequences of granting AI agents access to sensitive financial information and transaction capabilities.

Agents with permission to make purchases or transfer money could potentially carry out transactions that users did not intend, exposing customers and banks to financial and security risks.

In some cases, banks have also tracked AI agents contacting customer service call centers or appearing to initiate actions independently of user instructions, according to people familiar with the issue.